British Columbia Moves to Seize QuadrigaCX Co-Founder’s Assets
The director of civil forfeiture in British Columbia, Canada, has issued an unexplained wealth order to seize cash, 45 gold bars, and luxury items discovered in a safe deposit box associated with a co-founder of QuadrigaCX cryptocurrency exchange.
An unexplained wealth order is a legal directive compelling individuals to clarify how they obtained their assets. Mike Farnworth, the province’s minister of public safety and solicitor general, emphasized the necessity of proving assets originate from lawful activities rather than financial crimes.
The order follows the collapse of QuadrigaCX in 2019, leaving numerous investors bereft of their savings after co-founder Gerald Cotten’s demise.
Documents filed in the British Columbia Supreme Court allege the assets are linked to criminal activities involving Michael Patryn, another co-founder of QuadrigaCX, and Gerald Cotten. The order facilitated the confiscation of a safe deposit box at CIBC Bank and an associated account.
British Columbia’s civil forfeiture laws, operational since 2006, empower the province to seize property without criminal charges.
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The seized safe deposit box contained $250,200 Canadian dollars ($184,250 USD) in cash, gold bars, Rolex watches, and other valuables. Additionally, the box housed a firearm, identity documents under the names Omar Dhanani and Omar Patryn, suggesting Patryn’s involvement in QuadrigaCX’s alleged misappropriation of customer funds and cryptocurrency.
The next step involves eliciting a response from Patryn to account for his wealth. Following QuadrigaCX’s collapse, Patryn ventured into decentralized finance under the alias “Sifu,” engaging in various protocols like Wonderland and UwU Lend. Previously known as Omar Dhanani, Patryn has faced convictions for financial crimes in the United States.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
